Record Q3 for Korean Air
- Latest News
- Thursday, 28 October 2010
It posted an operating revenue of KRW3,126.2 billion, a year-on-year increase of 26.2 per cent.
Operating profit amounted to KRW358.1 billion, 2.6 times more than that of the last corresponding period, making it the highest quarterly operating profit in Korean Air’s history.
Income before tax and net income of the airline made a significant year-on-year growth of 69.0 per cent and 121 per cent, reaching KRW600.6 billion and KRW583.8 billion respectively. International passenger business and cargo business remained the key revenue contributors in the third quarter, accounting for more than half and 30.2 per cent of the operating revenue respectively.
The carrier attributed the result to a better-than-expected economic rebound in China and Southeast Asia countries, as well as increased world travel during the summer vacation.
Passenger traffic increased rapidly in the third quarter, with a record 16.1 billion RPK making it the best quarterly performance in the carrier’s history.
Revenue generated from this segment was KRW1,828.9 billion, up 21.4 per cent year-on-year.
Korean outbound traffic achieved a year-on-year increase of 23 per cent, while the steady year-on-year increase in transit and overseas passenger volume of eight per cent also contributed to the overall surge in the profitability of this segment.
Cargo capacity increased by 15.6 per cent year-on-year to 3,216 million AFTK, while cargo traffic reached 2,402 million FTK, up 13.1 per cent year-on-year. Revenue from this segment increased substantially by 42.2 per cent year-on-year to KRW943.6 billion.
Cargo demand in Japan increased - and revenue generated from this region recorded a stunning year-on-year increase of 81 per cent.
The airline has announced it will add Boeing 787s and Airbus 380s to its fleet as it expands capacity. A total of five A380 aircraft will be introduced by the end of next year, with its first A380 scheduled to be delivered next May.
